I was hoping for the kind of positive numbers featured in my Albuquerque Real estate Report for October 2012, but the news for Rio Rancho was less than spectacular.
Rio Rancho Real Estate Sales in October
Year Over Year Stats
Let's compare October 2012 with October 2011.
Here is a quick summary of the year over year stats:
- Active listings were down 7.8% going from 687 to 632.
- Closed home sales were up 0.9% going from 106 to 107
- Pending home sales, those homes that went into pending status during October and were not yet closed, were up 17%
Month to Month Stats
Now let's compare October 2012 with September 2012.
- Active listings were up 4.4%
- Closed home sales were down 9.3%
- Pending sales were up 19.6%
Final Thoughts
There are two more stats that bode well for the Rio Rancho real estate market:
- Market time, the average number of days it takes for a home to get an offer and enter escrow improved considerably, going from 72 days last October to 65 days this October. That's a 9.7% decrease.
- Foreclosure inventory is down.
The market does appear to be on the path to recovery, we've been experiencing a consistent upturn in sales for a year now. At some point, with home sales increasing and home inventory decreasing, improvement in real estate values will occur. In fact, over the last 6 months there have been months that showed small increases. But it won't be until we see several consecutive months of improved sales then we'll know the real recovery is here.
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(Please check back over the coming days for, Corrales, Placitas and East Mountain real estate stats).
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